You should ask to your .edu domain administrator the organization policies that apply to your organization / account.

NOTE: Nowadays there are two specific G Suite editions for education centers but they could opt to any of the G Suite editions.

There are a broad range options to "shut down" a domain. If the organization disable accounts most of the related data / files will be kept. To delete an organization account the organization first should delete all the user accounts and in that case the files and data of each account will be permanently deleted.